Assessing and identifing key areas of risk within the organisation.
RMC Wise assists firms in the undertaking of Internal Audits on a risk-based approach and in line with the licensed entities scope of business and regulatory requirements.
RMC Wise acts as a third-party internal audit service provider or provides adhoc assessments to assist firms in identifying key risk factors, anticipating potential future concerns, and carrying out independent evaluations of the effectiveness of a firm’s internal processes and compliance with a firm’s regulatory obligations.
Internal Audit Role
RMC Wise assumes the role of Internal Auditor through secondment to the licensed entity.
The seconded Internal Auditor undertakes and devises a tailored internal audit plan which would be spread out over a specified timeframe in agreement with our clients, identifying those key areas which are either considered high risk or of material importance to the organisation and consult management on potential recommendations on improvements and opportunities to ultimately ensure they are communicated to management in the form of a report for the necessary actions to be taken.
Internal Audit Support
RMC Wise may support a firm with the undertaking of Internal Audits on a risk-based approach in line with the needs and requirements of the entity across the financial services industry. The Internal Audit role in this case shall be of a support function to the entity on the basis of adhoc audits on those high-risk areas that may be of particular concern to the board of directors and overall management of the firm. Being independent, RMC Wise ensures unbiased and objective audits in compliance with regulations.
RMC Wise can also assist firms with respect to adhoc thematic audits at the request of the firm or otherwise upon regulatory recommendations.
RMC Wise assists regulated entities with - thematic audits based on several key areas including but not limited to Governance, DORA ( - Operational Resilience Act), AML- CFT Matters, Compliance, Risk Management, Operations, IT and Cyber Security, as well as Safeguarding Obligations.
RMC Wise has also assisted entities in the undertaking of a remediation plan with respect to regulatory gaps highlighted by the local authority and aiding the entity in the implementation of same to reach full compliance to their regulatory obligations.
Internal Audit Services
Internal Audit Risk Assessment
Evaluating the effectiveness of processes and recommend improvements, this includes the review and consulting on the adequacy and effectiveness of internal controls.
Ensuring and controlling the establishment of policies and procedures in an efficient manner. This includes the assessment of policies and ensuring that policies and procedures are in line with the applicable regulations.
Oversight and Reporting to the Management Body
Providing oversight on the Company’s internal policies and procedures to ensure the Company is operating in full compliance with its internal policies and procedures.
Providing advise to management on key areas to ensure compliance and alignment to regulations, as well advising the management body to address any misalignments and regulatory gaps identified during the audit.
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FAQ'S
What services does RMC Wise Ltd provide?
RMC Wise Ltd offers a range of services including but not limited to *Risk Management*, *Regulatory Compliance*, *Financial Services Consultancy*, *AML/CFT Compliance*, *Internal Audit*, and *Regulatory Reporting Services.*
What is Risk Management, and how does RMC Wise Ltd approach it?
Risk Management involves identifying, assessing, and prioritizing risks to minimize, monitor, and control the probability or impact of an event that may or may not have a negative outcome on the Company. RMC Wise tailors risk management solutions based on a thorough understanding of each client's risk profile, business model and overall objectives, offering services such as governance, policies & procedures, enterprise-wide risk assessments, outsourced risk management functions, and cyber risk support.
What is Regulatory Compliance, and why is it important?
Regulatory Compliance ensures that a business adheres to external rules and internal controls imposed by regulatory bodies. It aims to protect license holders and their clients, ensure fair and transparent markets, reduce systemic risk, and combat financial crime. The Compliance Function advises and assists personnel in complying with legal and regulatory obligations, regularly assessing the effectiveness of measures and procedures in place. This is done through the effective implementation of a risk-based Compliance Monitoring Programme (CMP).
How does RMC Wise Ltd assist with AML/CFT Compliance?
RMC Wise Ltd helps businesses meet their Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) obligations by providing services such as risk assessments, customer due diligence, ongoing monitoring, transaction reporting, and AML training. They assist firms in implementing robust frameworks to prevent financial crime and comply with regulatory requirements.
What Internal Audit services does RMC Wise Ltd offer?
RMC Wise Ltd provides independent Internal Audit services to its clients. Internal Audit is crucial for ensuring the efficiency, security, and compliance of an organization. It provides independent assurance that a company’s risk management, governance, and internal control processes are functioning effectively. Moreover, Internal Audits help identify weaknesses, improve operational efficiency, and ensure compliance with regulatory requirements, reducing the risk of fraud and financial mismanagement. Our services include reviewing compliance with regulatory requirements, evaluating operational risks, and offering recommendations for process improvements to ensure organizations operate efficiently and securely. This is done through the effective implementation of a risk-based Internal Audit Plan.
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